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My 71 has done the same thing. I have read that it is the cable from the transmission to the ignition column. The cable has broken or come undone at one end or the other. Ithas been awhile, but there were pictures of it, kinda under the brake booster on the fire wall. Some have just wired the lever up and done away with this lock feature.
9 times out of 10 it means that your key/steering lock cable is broken or frozen. Open the hood and look directly below your steering rod on the firewall below the brake MC. there is a cable pinned into the metal steering lock tab. You can disconnect this and see if the cable is stuck or frozen. If it is, and if you choose to replace it, you'll have to go underneath the remove it from the tranny.
I looked all over the switch area, moved the telescope shaft, shifted gears on the auto trans. The key will not push in so that it will release. Did not see the cable at the botom of the shaft, any other ideas??
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.